Per Woofun AI, CryptoQuant founder Ki Young Ju disclosed that the traditional cycle of asset rotation from Bitcoin to altcoins, which previously fueled alt seasons, has largely disappeared. Since 2021, the trading volume of altcoins paired against BTC has experienced a significant contraction, undermining the historical correlation.

This structural shift suggests that the era where altcoins surged in tandem with Bitcoin's price appreciation may have concluded. The diminishing liquidity in altcoin-BTC pairs indicates a fundamental change in market dynamics, reducing the likelihood of broad-based altcoin rallies driven solely by Bitcoin's momentum.